China Evergrande Group surges on stake sale of property unit

Shanghai

CHINA Evergrande Group, Asia's hottest stock, raised US$9 billion from selling a stake in a property unit, exceeding its previous guidance for the fundraising and providing more fuel for a rally that has crushed short-sellers.

The residential developer, which has projects across mainland China, surged as much as 8.5 per cent in Hong Kong on the 60 billion yuan (S$12.3 billion) sale. The stock closed at HK$30.90, up HK$2.65 or 9.38 per cent.